Tax credits Flashcards
For tax
1
Q
Rate of tax credit in respect to children paid fee
A
Lower of
5 perc of fee paid
25 perc of taxable income
60000 multiply by no of children
2
Q
Tax credit rate on charity
A
Lower of
Actual amount paid
30 perc of taxable income
3
Q
What is A/B ×C in tax charity and pension fund
A
A is tax B is taxable income and c is amount
4
Q
How is pension fund tax credit calculated
A
Lower of
Actual
20 perc of taxable income
5
Q
Tax credit in case of donation to stranger
A
Stranger
Company 20 perc
Stranger individual or AOP 30 perc
6
Q
Tax credit in case of donation to known
Person
A
15 perc individual or AOP 10 perc company
7
Q
Children education tax income
A
15 lac
8
Q
Pension relief fund till age 40 applicable till
A
30 June 2019
